SOLUTION: Question Help
In planning her retirement, Liza deposits some money at
2% interest, with twice as much deposited at
2.5%. Find the amount deposited at each rate if t
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In planning her retirement, Liza deposits some money at
2% interest, with twice as much deposited at
2.5%. Find the amount deposited at each rate if t
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Question 1151379: Question Help
In planning her retirement, Liza deposits some money at
2% interest, with twice as much deposited at
2.5%. Find the amount deposited at each rate if the total annual interest income is $700
Let x be the amount deposited at 2% interest, in dollars.
Then the amount deposited at 2.5% is 2x dollars.
The total annual interest is the sum of the two particular annual interests
0.02x + 0.025*(2x) = 700 dollars.
Simplify and solve for x
0.0.2x + 0.05x = 700
0.07x = 700
x = = 10000.
ANSWER. $10000 was invested at 2% annual interest rate and $20000 was invested at 2.5% annual interest rate.
CHECK. 0.02*10000 + 0.025*20000 = 700 dollars. ! Precisely correct !
